US EIA weekly crude oil inventories -3394K vs +1383K expected
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- Prior was +8487K
- Gasoline -4779K vs -1333K expected
- Distillates +1235K vs 0K expected
- Refinery utilization +1.8% vs +0.6% expected
API data released late yesterday:
- Crude -2445K
- Gasoline -5102K
- Cushing -3071K
- Distillates +1075K
WTI crude oil was trading at $109.89 just ahead of the report, which was fractionally higher on the day. Crude climbed in the aftermath of the report, which suggests that refineries are boosting output but still failing to build gasoline stocks, which are extremely tight for this time of year.
Note that the June WTI contract rolls off this week and the volume is now in July futures.